Budget 2017 went smoothly on 21st October 2016, Friday. The announcement made by our Prime Minister Datuk Seri Najib Razak at Parliament showed that Budget 2017 still very rakyat-friendly budget, which is good for most of us.
There was a long list of incentives from Budget 2017, but today we’re going to look at the goodies receive for the housing sector.
1. Introducing MyBeautiful New Home for the B40 (bottom 40% of households with monthly income of RM3.9k and below) with an RM200 million allocation. Kick-start with building 5,000 units (priced at RM40k to RM50k each). Government to finance RM20k with owners paying the rest in installments. Houses to be built on owners’ land; land permitted by the landowner; and land awarded by state governments.
2. RM350 million to build and refurbish 17,000 units of dilapidated homes in remote villages and Orang Asli settlements.
3. A total of 11,250 PPR houses is being built with an allocation of RM576 million. These PPR houses will be sold between RM35,000 and RM42,000, even though the actual construction cost is between RM120,000 and RM160,000.
4.The Ministry of Urban Wellbeing, Housing, and Local Government gets RM134 million to build 9,850 houses under the People’s Housing Programme (PPR).
5. The government will provide vacant lands at strategic locations to government-linked companies and PR1MA to build more than 30,000 houses with the selling price of between RM150,000 and RM300,000, which is lower than the market price of RM250,000 to RM400,000, to enhance first-time homebuyers’ affordability.
6. Build around 10,000 houses in urban areas for rental to eligible youths with permanent jobs, including young graduates entering labor market for a maximum period of 5 years.
7. Stamp duty will be exempted for property transfers and housing loan instruments to help reduce the cost of first-time home ownership.However, this exemption is limited to homes valued up to RM300,000 for first homebuyers only, and for purchases between Jan 1, 2017, and Dec 31, 2018.
8.The rate of stamp duty on property transfers worth more than RM1 million, will be increased from 3% to 4% but effective only from Jan 1, 2018.
9. A new special “step-up” end financing scheme for the Perumahan Rakyat 1Malaysia (PR1MA) program effective January 1 next year. This scheme is a collaboration among the government, Bank Negara Malaysia, Employees Provident Fund as well as four local banks: Maybank, CIMB, RHB, and AmBank.Financing will soon be easier and more accessible with total loans of up to 90% to 100%.
10.Grant of up to RM10k to be reintroduced to registered Residents Associations to buy security control equipment and for the cleanliness and maintenance of the neighborhood.
11.Public servants’ housing loan eligibility up from between RM120k and RM600k to between RM200k and RM750k.
12.Government to complete 30,000 units of 1Malaysia Civil Servants Housing (PPA1M) priced from RM90k to RM300k — or 20% below market price.
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